Bitcoin Price Battles $10,000 Resistance as Analysts Urge Caution

Bitcoin price gained 12% in the 24 hours through Thursday to approach $10,000 once again, but analysts warn of strong resistance. Big Targets And ‘Secular Bull Markets’ As Bitcoin added almost 40% in February from lows of under $6000 in some markets, Max Keiser led cautious optimism, celebrating what he called the end of “secular bull market.” “$28,000 in play,” he wrote on Twitter late Wednesday, adding that he thought Bitcoin’s “break through $10,000 will

“If it clears $10,000 now it should have an easy path to $50,000 this year,” he wrote in a social media forecast Wednesday.

Vays Urges Cap On ‘Greed’

Not everyone was so buoyant. Building on warnings from February 9 about price resistance at or just above the $10,000 mark, Tone Vays noted the strong series of four-hour candles could signal a several-candle capitulation phase, and that “caution” was due in the current uptrend.

Summarizing his analysis on Twitter Thursday, he advised traders not to be “greedy.”

#Bitcoin(ers) should NOT Greedy Here, $BTCUSD 4hr Chart is about to be on a 9 Sell next Candle (Note: Intersection Missing). It’s already in line with the 9 Sell on hourly & a potential 9 Sell on Daily at $10k [if we consider the random mid count price flip w/ a grain of salt] pic.twitter.com/aJHHW534wn

The impetus for Bitcoin’s new appeal is difficult to define. This week’s major announcement came from Microsoft, the computer giant pledging support for so-called Layer 2 scaling solutions such as the Lightning Network as the best way forward to enhance transaction capacity.

On-chain solutions, such as that used by hard fork Bitcoin Cash, are “degrading decentralization,” it claims.

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